01 March 2020
According to recent reports from Bloomberg media, Jack Dorsey could be ousted from his role as Twitter CEO by Elliot Management Corp. after the hedge fund became a majority stakeholder in the company.
Elliot Management Corp. is determined to change the way Twitter operates and ensure that users return to and frequent the app as much they did before if not more.
The hedge fund has become famous in the corporate world for successfully reviving ailing companies and increasing their value.
Often referred to “activist investors,” Elliot Management excels in persuading management teams to make sweeping changes aimed at reviving stock prices.
Twitter’s inability to introduce new features as quick as its competition does is what’s led to the platform for free-speech lagging behind and placed Dorsey’s role in the company at risk.
The reports from Bloomberg added that prior to Twitter’s annual meeting Elliot Management have already put forth the names of four directors that could potentially fill up the remaining three seats for the meeting that could be Dorsey’s final one as the CEO of the company.